Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.

	December 31, 2021						December 31, 2020
Primary Underlying Risk/Instrument Type	Gross Notional		Fair Value				Gross Notional		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps	$	3,344	$	55	$	0	$	3,486	$	203	$	0
Foreign Currency Swaps	886,552		37,259		(6,900)		861,074		27,336		(49,316)
Total Derivatives Designated as Hedge Accounting Instruments	$	889,896	$	37,314	$	(6,900)	$	864,560	$	27,539	$	(49,316)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	130,358,860	$	5,698,740	$	(10,348,130)	$	663,050	$	57,024	$	(11,117)
Interest Rate Futures	4,109,300		2,876		(2,709)		57,700		198		0
Interest Rate Swaptions	9,883,000		280,323		(173,863)		0		0		0
Interest Rate Forwards	195,000		3,760		(991)		0		0		0
Foreign Currency
Foreign Currency Forwards	119,653		842		(1,063)		55,292		5		(1,322)
Credit
Credit Default Swaps	306,900		24,789		0		2,313		0		(18)
Currency/Interest Rate
Foreign Currency Swaps	2,139,523		68,477		(23,251)		143,011		6,584		(7,286)
Equity
Total Return Swaps	15,129,666		66,627		(475,209)		0		0		0
Equity Options	19,461,881		902,050		(1,535,272)		3,244,900		306,196		(196,767)
Futures	5,015,002		736		(6,595)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	186,718,785	$	7,049,220	$	(12,567,083)	$	4,166,266	$	370,007	$	(216,510)
Total Derivatives(1)(2)	$	187,608,681	$	7,086,534	$	(12,573,983)	$	5,030,826	$	397,546	$	(265,826)

(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,048 million and $13,228 million as of December 31, 2021 and 2020, respectively included in "Future policy benefits" and $3,246 million and $1,155 million as of December 31, 2021 and 2020, respectively included in "Policyholders' account balances". Other assets included $73 million and $0 million as of December 31, 2021 and 2020, respectively. Other liabilities included $13 million and $0 million as of December 31, 2021 and 2020, respectively. The fair value of the related reinsurance, included in "Reinsurance recoverables" and/or "Reinsurance payables" was an asset of $931 million and $13,240 million as of December 31, 2021 and 2020, respectively.

(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Consolidated Statements of Financial Position.

Offsetting of Financial Assets

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	December 31, 2021
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	7,086,534	$	(6,818,009)	$	268,525	$	0	$	268,525
Securities purchased under agreements to resell	185,000		0		185,000		(185,000)		0
Total Assets	$	7,271,534	$	(6,818,009)	$	453,525	$	(185,000)	$	268,525
Offsetting of Financial Liabilities:
Derivatives	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0

	December 31, 2020
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Offsetting of Financial Liabilities:
Derivatives	$	265,826	$	(265,826)	$	0	$	0	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	265,826	$	(265,826)	$	0	$	0	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Offsetting of Financial Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	December 31, 2021
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	7,086,534	$	(6,818,009)	$	268,525	$	0	$	268,525
Securities purchased under agreements to resell	185,000		0		185,000		(185,000)		0
Total Assets	$	7,271,534	$	(6,818,009)	$	453,525	$	(185,000)	$	268,525
Offsetting of Financial Liabilities:
Derivatives	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	12,573,983	$	(12,568,082)	$	5,901	$	(5,901)	$	0

	December 31, 2020
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Consolidated Statement of Financial Position		Net Amounts Presented in the Consolidated Statement of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in thousands)
Offsetting of Financial Assets:
Derivatives	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Securities purchased under agreements to resell	0		0		0		0		0
Total Assets	$	397,546	$	(379,399)	$	18,147	$	(14,572)	$	3,575
Offsetting of Financial Liabilities:
Derivatives	$	265,826	$	(265,826)	$	0	$	0	$	0
Securities sold under agreements to repurchase	0		0		0		0		0
Total Liabilities	$	265,826	$	(265,826)	$	0	$	0	$	0

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

	Year Ended December 31, 2021
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	2	$	47	$	0	$	(161)
Currency/Interest Rate	1,357		15,983		11,119		48,169
Total cash flow hedges	1,359		16,030		11,119		48,008
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(20,596)		0		0		0
Currency	2,006		0		0		0
Currency/Interest Rate	44,350		0		79		0
Credit	2,892		0		0		0
Equity	(944,765)		0		0		0
Embedded Derivatives(1)	(4,376,289)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(5,292,402)		0		79		0
Total	$	(5,291,043)	$	16,030	$	11,198	$	48,008

	Year Ended December 31, 2020
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	(44)	$	21	$	0	$	284
Currency/Interest Rate	(314)		10,660		(10,161)		(34,522)
Total cash flow hedges	(358)		10,681		(10,161)		(34,238)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	17,000		0		0		0
Currency	(2,560)		0		0		0
Currency/Interest Rate	(4,130)		0		(109)		0
Credit	(284)		0		0		0
Equity	37,480		0		0		0
Embedded Derivatives	(102,151)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(54,645)		0		(109)		0
Total	$	(55,003)	$	10,681	$	(10,270)	$	(34,238)

	Year Ended December 31, 2019
	Realized Investment Gains (Losses)		Net Investment Income		Other Income		Change in AOCI
	(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate	$	0	$	0	$	0	$	(50)
Currency/Interest Rate	425		9,007		(1,698)		4,081
Total cash flow hedges	425		9,007		(1,698)		4,031
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	18,609		0		0		0
Currency	20		0		0		0
Currency/Interest Rate	3,485		0		(5)		0
Credit	(1)		0		0		0
Equity	74,068		0		0		0
Embedded Derivatives	(256,974)		0		0		0
Total Derivatives Not Qualifying as Hedge Accounting Instruments	(160,793)		0		(5)		0
Total	$	(160,368)	$	9,007	$	(1,703)	$	4,031

(1)Includes the impact from 2021 Variable Annuities Recapture, see Note 1 for further details.

Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:

	(in thousands)
Balance, December 31, 2018	$	22,122
Cumulative-effect adjustment from the adoption of ASU 2017-12	(27)
Amount recorded in AOCI
Interest Rate	(50)
Currency/Interest Rate	11,815
Total amount recorded in AOCI	11,765
Amount reclassified from AOCI to income
Currency/Interest Rate	(7,734)
Total amount reclassified from AOCI to income	(7,734)
Balance, December 31, 2019	$	26,126
Amount recorded in AOCI
Interest Rate	261
Currency/Interest Rate	(34,337)
Total amount recorded in AOCI	(34,076)
Amount reclassified from AOCI to income
Interest Rate	23
Currency/Interest Rate	(185)
Total amount reclassified from AOCI to income	(162)
Balance, December 31, 2020	$	(8,112)
Amount recorded in AOCI
Interest Rate	(112)
Currency/Interest Rate	76,628
Total amount recorded in AOCI	76,516
Amount reclassified from AOCI to income
Interest Rate	(49)
Currency/Interest Rate	(28,459)
Total amount reclassified from AOCI to income	(28,508)
Balance, December 31, 2021	$	39,896